Japan: Merchandise exports accelerate in February
Yen-denominated merchandise exports rose 19.1% in annual terms in February, improving on January’s 9.6% increase. February’s reading marked the twelfth consecutive month of growth in exports. Meanwhile, merchandise imports climbed 34.0% over the same month last year in February, dipping slightly from January’s 38.7% growth.
As a result, the merchandise trade balance improved from the previous month, recording a JPY 0.3 trillion deficit in February (January 2022: JPY 2.2 trillion deficit; February 2021: JPY 0.2 trillion surplus). Nevertheless, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 4.3 trillion deficit in February, compared to the USD 3.5 billion shortfall in January.